Credit Suisse is undergoing a massive strategic overhaul to restore stability and profitability after a litany of losses and scandals, but markets and stakeholders still seem unconvinced. On Friday, the Financial Times reported that UBS is in talks to acquire all or part of Credit Suisse, citing several people involved in the talks. The bank … Read more
Nvidia’s A100 GPU, used to train ChatGPT and other generative AI, will be shown on February 9, 2023 at the demo center at Nvidia’s headquarters in Santa Clara, CA. Kate Tarasov Check out the companies making headlines in premarket trading. FedEx — Shares rose 11.6% after the company’s third-quarter numbers beat analysts’ expectations. FedEx reported … Read more
Credit Suisse is currently undergoing a massive strategic overhaul to address chronic issues. The stock has been falling steadily since the crisis, amid underperformance by investment banks and a litany of scandals and risk management failures. Credit Suisse announced on Wednesday evening that it would exercise its option to borrow up to 50 billion Swiss … Read more
The former CEO of Silicon Valley Bank, who was at the helm of financial intuition when it collapsed, was spotted in Hawaii on Wednesday as his former colleagues scramble to pick up the pieces. Greg Becker and wife Marilyn Bautista fled to their $3.1 million Maui mansion just days after Becker, who had been CEO … Read more
Signage outside a Signature Bank branch in New York, US, on Monday, March 13, 2023. Stephanie Keet | Bloomberg | Getty Images Financial institutions took billions in short-term loans from the Federal Reserve this week as the sector faces a severe confidence and liquidity crisis, the central bank reported Thursday. Using tools the Fed rolled … Read more
Exactly one year ago, on March 16, 2022, the Federal Open Market Committee implemented the first of a total of eight rate hikes. The anniversary raises questions about what lies ahead as policymakers continue to grapple with a persistently high cost of living on top of a banking crisis. US Federal Reserve Chairman Jerome Powell … Read more
The chaos in the banking sector has led to calls for the Federal Reserve to pause or even reverse the pace of monetary policy tightening. February’s economic data, meanwhile, shows that the labor market remains strong and inflation remains pervasive, underscoring how much work the central bank still has to do to curb price growth. … Read more
Here are the most important news items investors need to start their trading day: Two trading days left in this chaotic week driven by banking turmoil. Credit Suisse, the current figurehead of the turmoil, accepted the Swiss central bank’s offer to offer a lifeline. Will that calm everyone down? That’s not clear, especially as the … Read more
The Bank of England announced on Friday that, “in the absence of meaningful further information”, it would place Silicon Valley Bank UK in insolvency proceedings. More than 200 companies – savers at SVB UK – wrote to the British Treasury on Saturday asking for help. HSBC UK announced at 7am London time on Monday that … Read more
A Credit Suisse office in New York, US, on Thursday, February 9, 2023. Stephanie Keet | Bloomberg | Getty Images Check out the companies making headlines after the bell. Swiss credit — Credit Suisse shares rose nearly 7% after a statement from the Swiss financial market regulator and the Swiss National Bank said the bank … Read more